Is There Paycheck Protection Program Fatigue?

           The emergency funding provided by the Paycheck Protection Program (PPP) seems to have slowed down. There are billions of dollars still available, but lenders say that demand is down. Many businesses put in loan applications with different banks, when one got approved they pulled the other ones. Some businesses decided that they no longer qualified, while others did not want to share necessary payroll details in their applications.

          A number of the businesses that are no longer interested in this program cite confusion for removing their applications or declining their loans. The Coronavirus Relief and Economic Security (CARES) Act made the PPP possible. It was the Small Business Administration (SBA) that stated 75% of the loan must be used for employees by the end of June in order to qualify to be forgiven. Many industries have no work to pay the employees for. How can these funds best be used?


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